Connected Health Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3361
Connected Health Market size is expected to grow significantly from 2019 to 2025.
Connected health market will experience tremendous growth during the forecast period owing to rising demand for wearable devices across the globe. Changing consumer preference towards healthier and disease-free lifestyle will foster industry growth. Wearable technologies are extensively used by people in bracelets, watches, footwear, eyewear, clothing and other daily wear. Availability of advanced devices such as clothing wearables to monitor body oxygen of individuals for better health care will surge demand for such devices thereby, augmenting connected health business growth over the coming years.
Furthermore, technological advancements in healthcare devices for maintaining health in geriatric population will positively impact industry growth. Telehealth provides long-term remote monitoring services for patient’s with heart failure, diabetes, recurrent urine infections, chronic diseases and falls. Remote monitoring management for elderly patients include various services such as elderly safety monitoring, daily activities tracking and location tracking. Rapidly growing geriatric population base worldwide will further drive business growth. However, concerns related to data security may restrict the connected health industry growth over the coming years.
e-Prescription segment should witness robust growth over the analysis timeframe due to increasing number of electronically generated prescription. e-Prescriptions improve the quality of care, accuracy and patient safety thereby, propelling segment growth. Moreover, benefits of e-Prescription such as reduction in prescription drug errors, tracking fulfillment of patient’s prescriptions and improved medication adherence among patients will further spur the segment size.
Telemedicine segment is estimated to witness lucrative growth during the forecast period owing to requirement of effective communication between medical staff and patients. Telemedicine enables transmission of health informatics, medical and imaging data from one site to another thereby, increasing its demand in disease diagnosis and treatment. Development of newer forms of telemedicine including telemedical devices, advanced diagnostics and video telephony will accelerate segment growth during the forthcoming years.
Healthcare management segment is anticipated to show considerable revenue share over the coming years. Healthcare management application of connected health focuses on public health systems, healthcare systems, hospitals, medical facilities. Access to accurate, complete and reproducible health information will further enhance connected health industry growth.
Asia Pacific connected health market will grow significantly during the forecast period owing to presence of large patient pool in highly populous countries such as China and India. Increasing number of internet users and growing healthcare expenditure in the region will surge demand for connected health. Growing awareness among people coupled with rising adoption of technologically advanced devices should further foster regional business growth.
Some of the major industry players in the connected health market include Accenture, Airstrip Technology, Boston Scientific, GE Healthcare, IBM, Koninklijke Philips, Medtronic, Microsoft, SAP and Oracle. Prominent players focus on various strategies to capitalize on market opportunities and sustain market competition. For instance, in December 2016, Medtronic partnered with Fitbit to integrate health and activity tracking for diabetes management. This strategy enabled companies to broaden its customer base and gain more market share.
Connected Health Market By Type, 2014-2025 (USD Million)
- m-Health services
- m-Health services
Connected Health Market By Function, 2014-2025 (USD Million)
- Assisted living
- Clinical monitoring
- Home monitoring
Connected Health Market By Application, 2014-2025 (USD Million)
- Diagnosis and treatment
- Monitoring applications
- Education and awareness
- Wellness and prevention
- Healthcare management
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Accenture Plc
- Airstrip Technology
- Boston Scientific Corporation
- GE Healthcare
- IBM Corporation
- Koninklijke Philips N.V
- Microsoft Corporation
- Oracle Corporation
- SAP SE
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